Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
ITAT allowed the assessee's appeal, holding that interest received on enhanced compensation for compulsory acquisition of agricultural land, awarded under s.28 of the Land Acquisition Act, is in the nature of compensation and forms part of the full value of consideration for such compulsory acquisition. Consequently, the amount is eligible for exemption under s.10(37) of the Income-tax Act. The Tribunal held that provisions of s.56(2)(viii) read with s.145B are inapplicable in such circumstances and directed deletion of the addition made by the AO.
ITAT allowed the assessee's appeal, holding that interest received on enhanced compensation for compulsory acquisition of agricultural land, awarded under s.28 of the Land Acquisition Act, is in the nature of compensation and forms part of the full value of consideration for such compulsory acquisition. Consequently, the amount is eligible for exemption under s.10(37) of the Income-tax Act. The Tribunal held that provisions of s.56(2)(viii) read with s.145B are inapplicable in such circumstances and directed deletion of the addition made by the AO.
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